Research and tracking should not stop once a real estate project is underway. There are situations where changes can be made on the fly, even when millions of dollars are involved. It's easy to "set it and forget it", but I can't emphasize how often staying on top of the situation can make a huge impact on your project.
At this time, a multi-million dollar multi-family construction project in Jersey City is on hold even though it is underway. The reason is not because of rising construction costs, supply chain issues, labor challenges, financing concerns, or weather. It seems the city recently adjusted its allowances for affordable housing, which took place after this project was planned.
Because of these changes, the structure could now be 20 stories higher! The developer obviously feels it is worth waiting on approval from the city and revising the construction plans, materials acquisition, and its timetable for completion because of the significant additional income possibilities an approval would create.
I'm not saying that we should see numerous projects stopped based on the potential for additions and changes. If the developer of this project does not get approval, or if the numbers for adding do not add up, this delay could prove costly for the short term.
However, if approval is granted by Jersey City and the additional 20 stories are built, the long-term additional gain will make these delays extremely worthwhile. It will have been a brilliant decision to do so. Yet, if the developer was not on top of the new allowances to create more housing and went ahead with the intended project, they would have lost a significant long-term revenue opportunity. One more time. Signing on the dotted line should not mean that research and due diligence should stop.
https://jerseydigs.com/imperial-tower-jersey-city-expansion
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